Average Riverside County Gas Price Sets Record For 14th Consecutive Day

RIVERSIDE (CNS) – The average price of a gallon of self-serve regular
gasoline in Riverside County today set a record for the 14th consecutive day,
rising 1.6 cents to $6.299, extending its streak of increases to 15 consecutive
days.

The average price has risen 32.3 cents over the past 15 days,
including 1.4 cents Thursday, according to figures from the AAA and the Oil
Price Information Service. It is 17.6 cents more than one week ago, 49.5 cents
higher than one month ago and $2.127 greater than one year ago.

The average price has risen $1.584 since Russia’s invasion of Ukraine
on Feb. 24 "sent shock waves through the oil market that have kept oil costs
elevated," said Andrew Gross, an AAA national public relations manager.

The trend is expected to continue, according to Doug Shupe, the
Automobile Club of Southern California’s corporate communications manager

"Analysts are projecting significant increases in oil prices over the
next year as Russian oil leaves Western markets," Shupe said.

Crude oil costs account for slightly more than half of the pump price,
according to the U.S. Energy Information Administration. The rest of the
price includes the other components of gasoline, production costs, distribution
costs, overhead costs for all involved in production, distribution and sales,
taxes and carbon offset fees in California paid by the refineries.

The national average price rose 1.6 cents to $4.986, its 14th
consecutive record and 18th in 19 days. It has increased 39.3 cents over the
past 19 days, including 1.5 cents Thursday.

The national average is 22.5 cents more than one week ago, 61.2 cents
higher than one month ago and $1.913 greater than one year ago.

Copyright 2022, City News Service, Inc.

CNS-06-10-2022 03:38